Research On Equity Financing Efficiency Of Listed Companies In Western New Energy

The invention of the steam engine provided a powerful driving force for the development of human society,and at the same time led to the gradual intensification of global energy resource constraints,and the ecological and environmental problems became increasingly prominent.Especially after the two oil crises,the development of new energy has become the core content of all countries in the world to promote energy transition and an important way to deal with climate change.The western region of China naturally has a good endowment of new energy resources,and the development of new energy is conducive to the economic prosperity of the western region,the improvement of people's lives,and the long-term stability of society.However,China's new energy industry is currently in the middle and lower reaches of the value chain,showing rough development characteristics,plagued by problems such as the dependence of key core technologies on introduction,excessive investment,difficulty in grid connection,and excess capacity.In recent years,the profitability and growth rate of listed western new energy companies have declined significantly,and even the return on total assets has become negative.The new energy industry is a systematic long-term project that integrates resources,technology,finance,management and other factors.The development of the new energy industry is inseparable from financial support.However,affected by many factors such as history,geography,culture,and climate,the level of economic and financial development in the western region is obviously lagging behind in the eastern and central regions of China,and the level of business management is also significantly different from that in the eastern and central regions of China.How to efficiently use scarce western financial resources to achieve sustainable development in the western new energy enterprises is a realistic problem facing the development of new energy industries in the western region.Shareholders are the biggest bearers of business risks.From the perspective of shareholders,this paper first uses a combination of qualitative and quantitative analysis to explore the current state of production and operation and financing of listed new energy companies in the West,and finds that their financing structure has excessive asset-liability ratios.High and excessive reliance on bank borrowings.Immediately after,this article used the DEA model and the Malmquist index to measure the equity financing efficiency and total factor productivity change of the research object.It was found that the proportion of decision-making units whose comprehensive efficiency reached the effective state of DEA was extremely low,mainly due to the drag of pure technical efficiency.Its total factor productivity has declined,and technological decline is the main reason.Finally,this paper uses the Tobit model to analyze the factors that affect the equity financing efficiency of the research objects,and finds that short-term debt repayment ability,operating ability,profitability,interest-bearing debt financing structure,and external financial environment significantly affect its equity financing efficiency.Based on the above research,this article puts forward suggestions for optimizing corporate financing structure,expanding corporate debt financing channels,improving corporate production and operation capabilities and equity financing configuration management level,improving the financial environment in the western region,and encouraging innovation of new energy-related financial products from the perspective of both internal operations and external financial environment.